Monday, February 14, 2005
UH, COULD YOU RUN THAT BY ME AGAIN, MR. PREZ?
"Because the--all which is on the table begins to address the big cost drivers. For example, how benefits are calculate, for example, is on the table; whether or not benefits rise based upon wage increases or price increases. There's a series of parts of the formula that are being considered. And when you couple that, those different cost drivers, affecting those--changing those with personal accounts, the idea is to get what has been promised more likely to be--or closer delivered to what
has been promised. Does that make any sense to you? It's kind of muddled. Look, there's a series of things that cause the--like, for example, benefits are calculated based upon the increase of wages, as opposed to the increase of prices. Some have suggested that we calculate--the benefits will rise based upon inflation, as opposed to wage increases. There is a reform that would help solve the red if that were put into effect. In other words, how fast benefits grow, how fast the promised benefits grow, if those--if that growth is affected, it will help on the red."
--The President of the United States, explaining his plan to save Social Security, Tampa, Fla., Feb. 4, 2005.